The Indian government’s sudden demonetisation of ₹500 and ₹1,000 notes in November this year did more than just create a cash crunch for the domestic jewellery industry. It has deflated a giant market that has, over many years, lifted Indian jewellery consumption to sky high levels and insulated retailers from the vagaries of the consumer marketplace that have impacted their colleagues in other countries.
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The horrific civil war that raged in Sierra Leone for 11 years from 1991 to 2002 and left over 50,000 dead and thousands with mutilated limbs, war wounds and emotional scars that could never be fully healed, triggered the birth of the Kimberley Process.
The upcoming Plenary Session of the Kimberley Process has been preceded by an acrimonious debate on the issue of transfer pricing and the walk-out of the Civil Society Coalition (CSC). There is now a deadlock over the issue and everybody is now looking at the issue of rough diamond valuation and whether or not the exchequers of alluvial-diamond-producing countries get their due in diamond revenues.